Ashland launches 30 million share Valvoline IPO

Ashland launches 30 million share Valvoline IPO

6:27 AM, 13th September 2016
Ashland launches 30 million share Valvoline IPO

COVINGTON, US: Ashland Inc launched the Valvoline Inc initial public offering of 30,000,000 shares of Valvoline’s common stock. Valvoline has applied for its common stock to be listed on the New York Stock Exchange under the symbol ‘VVV.’

Valvoline expects to grant the underwriters an option to purchase up to an additional 4,500,000 shares of its common stock to cover over-allotments, if any. After the completion of the offering, Ashland will own 170,000,000 shares of Valvoline’s common stock, representing 85 percent of the total outstanding shares of Valvoline’s common stock.

BofA Merrill Lynch, Citigroup and Morgan Stanley are acting as joint book-running managers for the offering and representatives of the underwriters. Deutsche Bank Securities, Goldman, Sachs & Co and J P Morgan are also acting as joint book-running managers for the offering. Scotiabank is acting as senior co-manager for the offering and BTIG, Mizuho Securities, PNC Capital Markets LLC and SunTrust Robinson Humphrey are acting as co-managers for the offering.

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